D-MARKET Electronic Services & Trading

D-MARKET Electronic Services & Trading (HEPS) priced its initial public offering on Jul 1, 2021 at $12.00 per ADS, within its $11.00–$13.00 range, and listed on Nasdaq Global Select. At the IPO price its market capitalization was about $3.43B. Morgan Stanley was lead-left underwriter, joined by J.P. Morgan, Goldman Sachs and BofA Securities and others. White & Case advised the company and Cleary Gottlieb advised the underwriters.

D-MARKET Electronic Services & Trading is a Turkish e-commerce platform connecting members, customers and merchants. It offers tens of millions of products across 32 categories through a hybrid model, and operates a delivery service business, HepsiJet, through a subsidiary.

Status

IPO

Ticker

HEPS

Exchange

Nasdaq Global Select

Priced

Jul 1, 2021

IPO price

$12.00 per ADS

Price range

$11.00–$13.00

Market cap at IPO price

$3.43B

First filed

May 28, 2021

Underwriters

Morgan Stanley, J.P. Morgan, Goldman Sachs, BofA Securities and UBS

Company counsel

White & Case

Underwriters' counsel

Cleary Gottlieb

Sector

Consumer

Market cap at IPO price = shares outstanding after the offering (all classes, before the over-allotment option) × the IPO price, from the final prospectus.